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Dave Carpenter
Pro Member
  • Investor
  • Cedarburg, WI
150
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439
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First Flip - is it me or the location?! What can be done?

Dave Carpenter
Pro Member
  • Investor
  • Cedarburg, WI
Posted Aug 23 2014, 08:15

I have a flip that is on the market in Milwaukee and I am starting to get nervous as the Wisconsin weather begins to cool off and kids head back to school. I am open to suggestions on things to try or ways to get more interest. Here are some of the details:

  • purchase, rehab, holding costs, and expected realtor fees are currently at $90k all in. 
  • holding costs look to be about $1000 per month
  • it has been on the market for 96 days with 2 price drops
  • property has been rehabbed pretty thoroughly
    • new floors (mostly carpet)
    • new paint (inside and out)
    • fully remodeled kitchen
    • remodeled bathroom 
    • finished upper (bungalow) with master bath and sitting area
    • new furnace and AC
    • no garage, but garage slab (old one was knocked down before I bought it)
  • is on 54th and a block north of North Ave, a little Northeast of Wauwatosa

I had some interest when it first went on the market (a dozen showings), but have had no offers. typically the concerns that are shared revolve around the location. Something at this point I can't control.

How do I get this property sold?

Thanks BP community!

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